Global Foam Tape Market Insights Forecasts to 2030
- The global foam tape market was valued at USD 8.6 Billion in 2021.
- The market is growing at a CAGR of 6.9% from 2022 to 2030
- The global foam tape market is expected to reach USD 15.67 Billion by 2030
- Asia Pacific is expected to grow the fastest during the forecast period
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The global foam tape market is expected to reach USD 15.67 Billion by 2030, at a CAGR of 6.9% during the forecast period 2022 to 2030. The Foam Tape Market has grown due to the increasing construction demands and increased demands of furniture and housing components manufacturing. There are advancements in new technologies to help ease the foam tape experience of people, which is expected to provide growth opportunities for the market during the forecast period.
The foam tape is a pressure-sensitive, self-adhesive tape composed of a foam and backing material, and it can either be adhesive on one side or both. Foam tapes are used extensively in various indoor and outdoor applications due to their outstanding properties such as insulating and adhesive properties, high strength, shock absorption capability etc. Foam tape offers numerous advantages to users and is commonly used for holding, splicing, bonding, and mounting. Which shows that these are self-adhesive tapes used to join or connect two surfaces. The COVID-19 outbreak hinders the growth of the market. The continuous product development by various companies to make high-performance and cost-effective foam tapes are expected to drive demand in automotive, wind, aerospace, and solar power. Foam tapes also offer resistance against ultraviolet radiation. A sudden pause in manufacturing activities worldwide due to the COVID-19 pandemic has affected demand, development, and processing, leading to a downturn in the foam tape market. So many other factors are affecting the market's growth, such as the high cost of raw materials and the availability of materials. It is estimated that the foam tape market will grow to USD 15.67 billion by 2030 at a CAGR of 6.9%. One of the major factors driving the global foam tape market growth is the increasing application of foam tape in the paper and printing industry. Increasing demand from the retail and digital printing sectors drives the global market's high revenue growth rate. The rapid economic growth and increased spending on construction activities offer major market growth for the foam tape market. Market growth of foam tape is likely driven by the need to improve product design by using foam tapes for sealing, gasketing, cushioning/padding, insulating and sound damping in the automotive industry.
Global Foam Tape Market Report Coverage
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||6.9%|
|2030 Value Projection:||USD 15.67 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||208|
|Tables, Charts & Figures:||170|
|Companies Covered:||Tesa Se, Nitto Denko Corporation, 3M Company, HALCO, GPI Corporation, AFT Company, LINTEC Corporation, Ajit Industries, CCT Tapes, Saint-Gobain Performance Plastics, Tape-Rite Co. Inc., A-Spe, Avery Dennison, Intertape Polymer Group, Seal King Ind Co. Ltd., 3F, Fuji Chemical Industries Co. Ltd., Rolltape, ECHOtape, American Biltrite.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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This research report categorizes the market for global foam tape based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global foam tape market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global foam tape market sub-segments.
- Drivers: Rise in Demand
The primary factor driving the market growth rate is the rise in demand for foam tape from the automotive industry. Increased demand for foam tape in the production of lightweight materials and less expensive components, as well as the growth and expansion of different end user verticals in emerging countries, will all have a direct and favourable influence on the market's growth rate.
- Restraint: Insufficiency of Raw Materials
Lack of supply and demand for raw materials as a result of price lockdown and volatility will be a significant obstacle to the market's expansion. Strict global trade restrictions, high production investment costs, and high costs associated with research and development will all slow the market's growth.
- Opportunity: Some Advantages
Foam tape's advantages over alternatives, such as its high strength, light weight, better texture, and weather resistance, as well as rising research and development spending by major corporations, an increase in the rate of industrialization, soaring demand for foam tape, and a growing emphasis on technological advancements and modern production methods, will all contribute to the industry's growth.
- Challenge: Alternatives
The widespread availability of inexpensive alternatives will further limit the market's potential for expansion.
- In 2021, the double-sided foam tapes segment accounted for the largest share of the market, with 57.5% and a market revenue of 4.9 billion.
Based on the type, the foam tape market is categorized into single-sided foam tapes and double-sided foam tapes. In 2021, the double-sided foam tapes segment accounted for the largest share of the market, with 57.5% and a market revenue of 4.9 billion. The demand for double-sided foam tapes is increasing because it exhibits outstanding dampening properties, good adhesive properties, high strength etc., which accounts for a large share in the growth of the foam tape market.
- In 2021, the acrylic segment accounted for the largest share of the market, with 28.6% and a market revenue of 2.45 billion.
Based on the technology, the foam tape market is categorized into silicone, EVA, acrylic, rubber and others. In 2021, the acrylic segment accounted for the largest share of the market, with 28.6% and a market revenue of 2.45 billion. The excellent properties of acrylic adhesive such as resistance against solvents and moisture, high internal strength, anti-ageing properties, and shock absorption capacity, boost the demand for acrylic foam tape during the forecast period.
- In 2021, the PE-backed segment accounted for the largest share of the market, with 29% and a market revenue of 2.49 billion.
Based on the foam type, the foam tape market is categorized into polyester-backed, PU-backed, acrylic-backed, PE-backed and others. In 2021, the oriented strand boards segment accounted for the largest share of the market, with 29% and a market revenue of 2.49 billion. There is a wide range of applications for PE foam tape in rapidly growing industries, including the automobile industry, as well as the building and construction industry, that propels the growth of the foam tape market.
- In 2021, the automotive segment dominated the market with the largest market share of 21.6% and market revenue of 1.8 billion.
Based on the end user, the foam tape market is categorized into automotive, industrial, paper and printing, construction, electrical and electronics and others. In 2021, the automotive segment dominated the market with the largest market share of 21.6% and market revenue of 1.8 billion. The rising demand for foam tape in various applications of the automotive segment, such as in the manufacturing of wheel flares, side mirrors, roof moulding etc., accounts for a major share in the growth of the foam tape market.
Regional Segment Analysis of the Foam Tape Market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific emerged as the largest market for the global foam tape market, with a market share of around 39.32% and 8.6 billion of the market revenue in 2021.
- In 2021, Asia Pacific emerged as the largest market for the global foam tape market, with a market share of around 39.32% and 8.6 billion of the market revenue. Asia Pacific is expected to be the largest market. Rising demand from the automotive and construction sectors for various applications propels the growth of the foam tape market in the region.
- Asia Pacific market is expected to grow at the fastest CAGR between 2021 and 2030. The increased demand for eco-friendly foam tapes in the region resulted in immense growth of the foam tape market in the region during the forecast period.
The report offers the appropriate analysis of the key organizations/companies involved within the global foam tape market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- Tesa Se
- Nitto Denko Corporation
- 3M Company
- GPI Corporation
- AFT Company
- LINTEC Corporation
- Ajit Industries
- CCT Tapes
- Saint-Gobain Performance Plastics
- Tape-Rite Co. Inc.
- Avery Dennison
- Intertape Polymer Group
- Seal King Ind Co. Ltd.
- Fuji Chemical Industries Co. Ltd.
- American Biltrite
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In November 2019, An industrial tape named AXA Plus was launched by Tesa SE to fulfil the demand of consumers for customized products.
- In November 2019, Hexcelpack signed an exclusive agreement with Intertape Polymer Group to launch recyclable Curby mailers. An alternative to polymer-based wrapping materials that provides substantial benefits.
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global foam tape market based on the below-mentioned segments:
Global Foam Tape Market, By Type
- Single-Sided Foam Tapes
- Double-Sided Foam Tapes
Global Foam Tape Market, By Type
Global Foam Tape Market, By Type of Resin
Global Foam Tape Market, By Foam Type
- Polyester Backed
- PU Backed
- Acrylic Backed
Global Foam Tape Market, By End User
- Paper and Printing
- Electrical and Electronics
Global Foam Tape Market, Regional Analysis
- North America
- THE US
- Rest of Europe
- The Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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